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Hi

Has anyone heard of these ? Loans Expert' based in London.

Apparently, they can give a loan, unsecured if you bank an amount then they forward your loan inc the amount you previously deposited ?


Regards..Mr Worried :)

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Can you provide a link for them?

So people can check out their financials and licensing / regulation......

 

I'd be happy to be wrong, but it sounds like a Ponzi scheme, or "we can't offer you the original loan, but here's another at a greater APR, if you want your banked money back ....." situation.

 

Why do they want you to bank money with them before they can give you a loan? (unless they are a licensed Credit Union, and are using the lower APR's associated with Credit Unions .......)

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Hi. I don't have a link for them as they called me, probs as I had given some info to a loan company.

I have no idea why they want me to bank money then give me it back ?

 

Thank you


Regards..Mr Worried :)

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UPDATE.

 

THEY HAVE JUST SENT ME THIS..????

 

Dear Customer,

 

We are delighted to confirm that your loan application for a Unsecured Loan has been approved of 1000 pounds over 24 month with the APR of 10% with the monthly repayment of 47.81 pounds per month and you will be entitled to get this loan today.

 

But we are trying to get hold of you many time but we are not able to get in touch with you as we have to put the money in your bank account so now we can able to sort the loan for you via email.

 

Also we are a lender not a loan broker.

 

Please email us your sort code and account number so that we can put the money in your account.

 

Many thanks and we look forward to helping you achieve your financial success!

 

Once again, thank you for your business. We are here to answer any questions or concerns you may have.

 

Look forward for your email asap.

..............................................................................................................................................................................................................

 

I ASKED THEM TO CALL ME, THIS WAS THEIR REPLY...??

 

Thanks for your email.

 

We did tried to call you but your phone is on answering machine and now we can sort the loan for you via email.

 

We would like to inform you that your loan application of 1000 pounds has been accepted over 24 month with the APR of 10% with the monthly repayment of 47.81 pounds per month.

 

Also we are a lender not a loan broker.

 

Please email us your sort code and account number so that we can put the money in your account.

 

Please find the loan agreement attached.

 

Please read the document and send us an email by confirming this text that you are happy and would like to proceed further.

 

Look forward to hear from you soon.

 

“FOREST FINANCE SERVICES LIMITED”

“To fulfill the financial needs of the customers”

BRANCH OFFICE :- 7 Forest Avenue , North Chingford , London , E4 6AR

Phone : (0203-129-0289)

===========================================================

 

CONTRACT AGREEMENT

 

 

Date produced: 19/04/2017

Valid Until: This Paper is valid only on the date produced.

Must Commenced by: 30/04/2017

 

It is agreed as follows:

Definitions

Excluded Liabilities” means Liabilities which are expressed to be and, in the opinion of the Insolvency Officer of the Borrower, do rank junior to the Subordinated Liabilities in any Insolvency of the Borrower;

 

Capital Resources” has the meaning given it in the Financial Rules.

 

Capital Resources Requirement” has the meaning given it in the Financial Rules.

 

Financial Rules” means the rules of Capital resources of the prudential sourcebook for unsecured Loan Intermediaries.

 

Insolvency” means and includes liquidation, winding up, bankruptcy, sequestration, administration or dissolution (whichever term may apply to the Borrower) or the equivalent in any other jurisdiction to which the Borrower may be subject.

 

Insolvency Officer” means and includes any person duly appointed to administer and distribute assets of the Borrower in the course of the Borrower’s Insolvency;

 

Liabilities” means all present and future sums, liabilities and obligations payable or owing by the Borrower (whether actual or contingent, jointly or severally or otherwise howsoever).

 

Loan” means the indebtedness of the Borrower to the Lender referred to in as that indebtedness may be reduced from time to time by any repayment or prepayment permitted under this Agreement.

 

Subordinated Liabilities” mean all Liabilities to the Lender in respect of the Loan and all interest payable thereon.

 

 

SIGNATURE

 

About this illustration

 

We are required by the Financial Services Authority (FSA) - the independent watchdog that regulates financial services - to provide you with this agreement.

All firms selling unsecured are required to give you agreement like this one, which contain similar information presented in the same way.

Ensure that you obtain other agreement if you want to compare this unsecured with unsecured from other lenders.

 

 

Which service are we providing you with?

We recommend, having assessed your needs, that you take out this unsecured.

We are not recommending a particular unsecured for you. However, based on your answers to some questions, we are giving you information about this unsecured so that you can make your own choice.

 

What you have told us?

Amount of loan required: £1,000.

Term of regulated unsecured contract 24 months.

Repayment method Payments: Direct Debit Only.

 

Description of this unsecured?

Unsecured lender Forest Finance Private Lending.

Unsecured product: Rate 10%

Restrictions on this unsecured: No restrictions apply

 

What you will need to pay each month Monthly payments?

24 payments at a fixed rate of 10% £47.81

This agreement is based on a loan amount of £1,000.

This agreement assumes that the unsecured will start on 04/2017.

In all total you are paying £1,147.44.

 

Are you comfortable with the risks? What if interest rates go up?

Your fixed rate ends on 04/2019 therefore any changes to the interest rate will not affect your payments until after this period. The monthly payments shown in this illustration could be considerably different if interest rates change. For example after the

Fixed rate period which ends on 04/2019 then for one percentage variable rate, your monthly payment will increase.

 

 

 

 

SIGNATURE

 

 

 

 

 

What fees must you pay?

Fees Payable to Forest Finance Private Lending:-

The fee is to cover the setting up, routine maintenance, and closing down of the unsecured account. The fee of £25 is refundable into your first month monthly payment and it is for funds transfer charges. You have to pay some extra charges as well which will be managed with your monthly installments.

 

What happens if you do not want this unsecured any more?

Early Repayment Charges.

An early repayment charge applies if you want to repay the unsecured early. The charge is calculated using a loan amount of £1,000 is based in:

3.5% of the original loan if the unsecured is repaid before 08/2017.

2% of the original loan if the unsecured is repaid before 12/2017.

Based on the original amount borrowed, cash examples of the early repayment charges that could apply.

 

What happens if you move house?

Your special rate unsecured product is portable. This means that if in the future you move property, you can carry the unsecured product forward to a new Pvt. Lending plc unsecured you take out on the new property. Further information regarding portability can be found in the section headed 'Early Repayment Charges' on our booklet 'Information about your unsecured' which we issue with unsecured offers.

 

What happens if you want to make overpayments?

These are restricted to 10% of the outstanding balance per year. You are free to make lump sum or regular overpayments to this unsecured at any time. For details of any early repayment charges that may apply please refer to Section 10. As a concession, in any one year you may repay up to 10% of the amount outstanding on your special rate product without having to pay an early repayment change. Pvt. Lending reserve

the right to change or withdraw this concession. The daily interest method will apply and the interest charged takes account of any changes in the unsecured debt from day to day. If you pay more than the amount asked for as your monthly payment it will reduce the balance on your unsecured account. This will immediately reduce the amount of interest you have to pay because interest will be charged on the reduced balance.

 

Additional Features

Underpayments

Providing your unsecured is not in arrears you can make underpayments equal to the amount of any previous overpayments.

 

 

 

 

 

 

SIGNATURE

 

 

The UK Unsecured Market

With around 600 lenders and 12,000 intermediaries, and lending of upwards of 290bn last year via over 7,000 different unsecured products, the UK has one of the most diverse and complete Unsecured markets. In providing our detailed response to the questions posed by the Commission in the Green paper we have drawn on the experience of both designing and implementing regulation for this market. That process involved comprehensive cost benefit analysis and consultation with all of those involved in the lending industry and consumers, and included major programme of consumer testing.

 

 

Consumer Protection

There is a major social and human dimension to unsecured credit. For most consumers, unsecured are the most significant financial decisions they undertake. Unsecured markets are, however, likely to continue to operate through national distribution arrangements. Accordingly the policy emphasis should be on respecting existing national arrangements for consumer protection. Any reform would not only need to be fully informed by appropriate analysis and impact assessment, but must also be developed using full consumer testing.

 

Payment holidays

Providing your unsecured is no more than one month in arrears and your unsecured is at least three months old, you can request a payment holiday. Further information regarding other conditions applying to underpayments and Payment Holidays can be found in our booklet 'Information about your unsecured' which Pvt. Lending issue with unsecured offers.

 

Incentives

The Pvt. Lending will not charge you for a valuation of the property, but will arrange for a value to make an assessment for the Pvt. Lending. If you use the Reunsecured Service, the Pvt. Lending will pay the costs of the legal work done for the Pvt. Lending; however the Pvt. Lending will not cover any costs incurred for additional work carried out on your behalf. If you do not use the Reunsecured Service you will have to pay for the

legal work done for the Pvt. Lending as well as any done for you.

 

Contact details

If you wish to discuss this unsecured illustration please contact: 02031290289.

 

 

 

 

 

 

SIGNATURE

 

 

 

 

 

 

Name Of Customer

 

Date Of Birth

 

Employment Status

 

Residential Status

 

Post Code

 

Home Telephone Number

 

Mobile Telephone Number

 

Email Address

 

Loan Required

 

No of years

 

 

 

 

 

 

SIGNATURE


Regards..Mr Worried :)

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4(well, at least 4!) warning flags:

 

a) they keep talking about "the unsecured" rather than "the unsecured loan"

b) Their 'offer' makes no mention of the rather odd "deposit with us and we'll loan back more" requirement

c) Their offer is only valid today,

d) There is a current (rather than historic / similar firm) FCA alert about them

https://www.fca.org.uk/news/warnings/forest-finance

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"What happens if you move house?

Your special rate unsecured product is portable. This means that if in the future you move property, you can carry the unsecured product forward to a new Pvt. Lending plc unsecured you take out on the new property. Further information regarding portability can be found in the section headed 'Early Repayment Charges' on our booklet 'Information about your unsecured' which we issue with unsecured offers."

 

Wow!

So it is unsecured ...... but if you move you have to take out a new "unsecured" on the new property.

 

"What fees must you pay?

Fees Payable to Forest Finance Private Lending:-

The fee is to cover the setting up, routine maintenance, and closing down of the unsecured account. The fee of £25 is refundable into your first month monthly payment and it is for funds transfer charges. You have to pay some extra charges as well which will be managed with your monthly installments."

 

So, there's a standard and reasonable admin fee.

But wait! There are some "extra charges" too, and these can be every month........ yet they aren't specified.

The APR is only 10%, but that doesn't include the £50/month "you got gulled" fee!

 

So, if the loan exists it won't be a good deal. It probably doesn't exist though : likely they just want your bank details and/or 'advance fees' that you'll never see again, bearing in mind the FCA alert.

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Hi HB and Bazza5

 

So they are not reg with the FCA?

Why then would they trade ?

Clone? so they just take info from another , make it look appealing then, 'trade' ?

What can they get out of this ? apart from the deposit they want to take from my bank.( which they say they give me back with allotted loan)

If they are not legitt, then why trade, where do they put the money they take from customers?

 

They have been on the phone offering me more money 4 x as much ? but I have to make the deposit.

 

To be honest I am thinking of contacting my bank and cancelling my account/calling into my branch, etc, I am just nervous that unscrupulous people have my details.


Regards..Mr Worried :)

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Have you given them your bank details?

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Hi Bazza5

 

So basically they will take my deposit and anything else I may have?

Where the hell do they hide/send the money, how do they withdraw the monies they [problem]? (Intrigued)

Surely this is just a huge [problem] having read the link on hear.

I am going to call the Governing bodie and report this


Regards..Mr Worried :)

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have you given them your bank details?

 

 

 

no no no.


Regards..Mr Worried :)

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They'll take anything you are silly enough to give them.

 

The initial "deposit"

The £25 admin fee.

 

If you fall for that, then there will be an "unforeseen problem" and there will be extra fees.

 

Once they know you are a 'gull' they'll pass / sell your details on so others can also try it on (you've won the lottery and just need to pay an admin fee to release your winnings, there is £15 million hidden away by a [now deceased] dictator, and even "The FBI" and/or "The UN" want to send you compensation for the previous times you've lost money to such.....)

 

http://www.actionfraud.police.uk/fraud-az-advance-fee-fraud

http://www.actionfraud.police.uk/node/240

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They'll take anything you are silly enough to give them.

 

The initial "deposit"

The £25 admin fee.

 

If you fall for that, then there will be an "unforeseen problem" and there will be extra fees.

 

Once they know you are a 'gull' they'll pass / sell your details on so others can also try it on (you've won the lottery and just need to pay an admin fee to release your winnings, there is £15 million hidden away by a [now deceased] dictator, and even "The FBI" and/or "The UN" want to send you compensation for the previous times you've lost money to such.....)

 

http://www.actionfraud.police.uk/fraud-az-advance-fee-fraud

http://www.actionfraud.police.uk/node/240

 

Hi Bazza5

WOWZA.

Cheers


Regards..Mr Worried :)

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Hi

 

I have just received this mail from them????? adamant aren't they.

 

Thanks for your email.

 

We did tried to call you but your phone is on answering machine.

 

Please call us back on 02031290289 and speak to Michael and he will assist you further.

 

Look forward to hear from you soon.


Regards..Mr Worried :)

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OMG THE PLOT THICKENS

 

A Lady has just called me contradicting herself in many ways regards previous correspondence.

She now says she does not need bank acc details but needs I TUNE vouchers to the value of £125.00. I have to activate them then call her with code details etc ?????

Then she will deposit the money into my acc, Although she does not need the details.

I can't believe that she/they are still attempting this.


Regards..Mr Worried :)

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Hi

 

So the FCA confirmed that they are not registered etc, So I sent them a mail telling them so, hear is their reply.

 

Thanks for your email.

 

Internet is a free forum and any body can write anything about anyone and it was not our customer who put any review as it was just our competitor who want to spoil our reputation.

 

We also put on our site about illegal use of our company name due to fraudster [causing problems] the people by taking the money using our name.

 

We are registered under companies Act 1998 and regulated by FCA so how come we can [problem] the people,

 

Hope it clear all your doubts .

 

Look forward to hear from you soon.


Regards..Mr Worried :)

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